Debt Collector Payments

Amy91x

Hi

About 2-3 years ago when I lost my job I defaulted payments to a credit card I had and a Very account. Because of this they passed it onto debt collectors. I arranged payments with them and have paid consistently since, the payments are due to end September and November this year and the debt will be cleared.

How long will this show on my credit record? Will it be 6 years since the default?

I have a very low rating due to basically having very little credit plus those 2 defaults. I'm trying to build it up to apply for a mortgage in a year or two.

I have a capital one credit card that I rarely use, I usually just use it to get petrol then pay it off the same week to try and build my credit (although because my limit is only £200 ClearScore list that as a negative and Capital One refused me an increase).

Sorry for all the extra information, it's just annoyingly low and I'm trying everything I can to build it up.

Carrot007

Yup 6 years after the default. (Or if they did not default and say used late payment markers, 6 years after it closes).

A mortgage is doable with 10% deposit as long as defaultys are over 3 years old and recent history is good. Just use a specialist broker.

I'm suproised you even got a card with an unsatisfied default. Once the default is satisfied you shop be able to get a card with a better limit.

Amy91x

Thanks for your reply.

I'm 25 and trying hard to sort my credit out in order to get a mortgage with my partner (who has a faultless credit record). I'll just keep up with my debt collector payments until they finish this year and keep using my credit card and paying it off straight away. Hopefully my credit will be fine by the time we come to get a mortgage.

amfan

Amy91x wrote: »

keep using my credit card and paying it off straight away. Hopefully my credit will be fine by the time we come to get a mortgage.

Don't pay it off straight away, wait for the statement and then clear the balance, otherwise you aren't building up any form of history, you're clearing the debt too soon. Lots of people choose to have a direct debit clear the whole balance, that way you can't accidentally forget.